ASIA CEMENT
CORPORATION
（ACC 1102）
MA180204
陳朝宏
BASIC INFORMATION
1102 ACC
YEAR
2011
2012
Highest Closing price
46.75
39.9
Lowest Closing price
28.25
33.15
Highest P/E ratio
17.33
18.17
Lowest P/E ratio
8.9
9.79
EPS
3.19
2.05
FINANCIAL REPORT
Balance Sheet
（＄
millions）
Total assets
2011
2012
123,244
122,406
Current assets
11,224
11,148
Cash
5,742
5,703
Accounts receivable and Notes receivable
1,156
1,245
Inventories
1,617
1,704
Long-term investment
95,883
95,883
Net fixed assets
13,004
12,822
Total liabilities
Current liabilities
36,873
36,623
2,613
2,595
978
1,031
Long-term liabilities
29,218
29,019
Other liabilities
5,043
5,009
Accounts payable and Notes payable
Shareholder's equity
86,370
85,783
Paid-in capital
31,368
32,309
Retained earnings
16,357
14,829
Liabilities and Equity
123,244
122,406
FINANCIAL REPORT
Income Statement
（＄ millions）
2011
2012
Turnover
10,868
11,702
Cost of sales
10,380
10,939
Gross profit
491
763
Operating expenses
699
526
208
237
EBITDA
11,320
7,856
Non-operating income
10,343
6,623
Profit before tax
10,135
6,860
119
232
10,016
6,628
3.19
2.05
Operating income
Tax
Profit after tax
EPS
-
In 2012,revenue grew 900 million, but
pretax profit declined 3000 million.
CANDLESTICK CHARTS
The increase in volume and prices have a good
relationship , it’s representative of the bull signal.
INDUSTRY ANALYSIS
SWOT Analysis
Strengths
Opportunity
‧ Internal resource-rich
‧ Adequate supply of raw
materials
‧ Full experience of overseas
market development
‧ Rapid growth of the China
real estate investments
‧ excellent condition of
production
‧ China cement market is very
extensive
Weakness
Threat
‧ Time backward to enter the
China market
‧ Intense competition
‧ Cross-strait tension, changes
in policies are often
STOCKS FUTURE PROSPECTS
 2012 EPS was $2.05. Asia Cement 1H12 after-tax profit
was 4.1 billion, after-tax EPS was $1.26, 3Q12 by Asia
Cement China operations is not good, and the Far East's
new profit recession dragged reinvestment, single quarter after-tax profit was 8.50 billion, after-tax EPS
$0.26. The 4Q12 in Asia Cement profitability inject Under
estimated after-tax profit of 1.69 billion, after-tax EPS
$0.52; Overall, estimates that Asia Cement 2012 aftertax profit of 6.628 billion, after-tax EPS $2.05.